Crypto: Solana drops below $130… but on-chain data announces a possible rebound

While the crypto market is going through a decline, Solana (SOL) drops below $130, sowing doubt among investors. However, behind this sudden fall, on-chain data paints a very different scenario. Buying whales, plummeting supply on exchanges, booming network activity: the fundamentals remain solid. A significant divergence between price and network reality, which could reshuffle the cards faster than we imagine.

Fundamental indicators suggest a recovery in the making

In a generally declining market, the case of Solana is intriguing. The fall in the price of SOL towards $120 at the end of December 2025 was seized as a buying opportunity by major addresses.

Thus, portfolios holding between 1,000 and 10,000 SOL have significantly strengthened their positions since November. These investors now control nearly 48 million tokens, or 9% of the circulating supply.

The heaviest wallets, those with more than 100,000 SOL, increased from 347 to 362 million tokens in two months, now representing 64% of the circulating supply. This accumulation dynamic is supported by long-term holders, whose weekly net balance reached a peak of 3.85 million SOL on January 14, a level not seen in 15 months.

Several fundamental elements reinforce this bullish reading:

• Supply on exchanges reaches a two-year low: as of January 17, only 26 million SOL were available on the platforms;

• Selling pressure is receding: a drop in available liquidity means fewer tokens immediately accessible for sale;

• Signals of accumulation of large carriers remain strong: large addresses continue to grow, which reflects structural confidence in the evolution of the network;

• The distribution of the token is consolidating around long-term players: portfolios with a long horizon seem to rely on resilience rather than speculation.

These data reveal a growing gap between short-term dynamics, dictated by price, and the underlying signals observed in the ecosystem. A gap that future market movements could gradually reduce.

Solana under pressure despite rapidly expanding network activity

Beyond the dynamic of accumulation, Solana faces a more contrasting reality. The drop below 130 dollars also reflects a correction phase which affects the entire market.

This decline is part of a post-rally sequence where many altcoins are experiencing profit taking. Such a context mechanically weighs on the price of crypto, independently of its fundamentals. This recent fall constitutes the first incursion below $130 since January 2, 2026, highlighting increased technical fragility.

However, network fundamentals are accelerating. The number of daily active addresses jumped 51% over the past week, crossing the 5 million mark, according to Nansen data. Daily trading volume also increased by 20%, reaching 78 million transactions as of January 16.

Meanwhile, the supply of stablecoins hosted on the Solana network exploded by 15% in seven days, reaching a record $15 billion. According to the analysis relayed by Milk Road, this rise in power of stablecoins “represents new liquidity entering the network”meaning more capital available for trading and using decentralized applications.

Solana is faltering below $130, but fundamental signals remain strong. While the market undergoes a correction, whales are rushing despite the fall in price, banking on a recovery driven by network activity. This price/fundamentals gap could herald a faster turnaround than expected.